Consider the following statement regarding United Nations Convention on International Settlement Agr...........

International Affairs United Nations

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Consider the following statement regarding United Nations Convention on International Settlement Agreements (UNISA)-

1. It is designed to facilite an alternative and effective method of resolving international trade disputes.

2. India has opted out of the agreement due to its bias nature in favour of developed countries.

3. India is estblishing the New Delhi International Arbitration Centre (NDIAC) as a statutory body.

Which of the above statements is/are correct?

Choose the correct answer using the codes below-

1 and 2 only

1 only

1 and 3 only

1, 2 and 3

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Explanation:

United Nations Convention on International Settlement Agreements (UNISA) is also known as Singapore Convention on Mediation. It was adopted by UN General Assembly (UNGA) in December 2018.

The Convention has been designed to become an essential instrument in the facilitation of international trade and in the promotion of mediation as an alternative and effective method of resolving trade disputes.

Union Cabinet has approved signing of UNISA resulting from mediation by India. It is scheduled to be signed in Singapore on 7th August, 2019 or at the United Nations.

In order to encourage international commercial arbitration in India, to evolve a comprehensive ecosystem of arbitration the Government is establishing the New Delhi International Arbitration Centre (NDIAC) as a statutory body.